President Biden and several senators have either proposed legislation or indicated a desire to change various wealth tax provisions, including the estate tax exemption amount, capital gains tax rates, and the “step up” in basis at death. This handout will provide a summary of the current wealth tax system, the proposed changes, and steps to consider now or in the near future to minimize such taxes. Click here to access the handout.
These materials were prepared as a brief reference handout for a recent seminar that we hosted. If you have any questions about the content, please contact Jacqueline Messler at firstname.lastname@example.org / 262.792.2409 or Mark Andres at email@example.com / 262.792.2414.
For additional details on President Biden’s tax proposals, please click here to access our May 14, 2021 article, How Might Joe Biden’s Tax Proposals Affect You?, as written by Ann Rieger of our Corporate; Tax; and Trusts, Estates and Succession Planning teams.